The Eclipse of Keynesianism
The Political Economy of the Chicago Counter-Revolution
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Word Count
45,500 words, Guess
Page Count
182 pages
Physical Format
Hardcover
Identifiers
- Internet Archiveeclipsekeynesian00lees
- Internet Archiveeclipseofkeynesi00robe
- ISBN-100333730453
- ISBN-139780333730454
- Better World Books9780333730454
and 1 more
- Open LibraryOL9565977M
Classifications
- LCCHB71-74
Description
"This book examines the internal dynamics of the economics profession and explores the process by which two Chicago economists, Milton Friedman and George Stigler, influenced the direction of world history in the last quarter of the twentieth century. In macroeconomics, the quantity theory was economically 'tested' against its hegemonic Keynesian rival and as a result became highly influential. But in microeconomics no comparable body of literature emerged to 'test' the theory of monopolistic competition. Friedman and Stigler both declined to be drawn into the process by which the model of perfect competition could be replaced by a general theory of microeconomics that emphasized the prevalence of market power. This book provides a context for these developments: Stigler's model of the sociology of economic knowledge and Friedman's sceptical view of the appropriate role of econometrics in economic analysis. The book also examines the way in which Friedman infuriated and captivated his Keynsian opponents. Gradually, some Keynsians began to display a more tolerant attitude towards inflation, the societal problem which facilitated the political and economic revolutions of the Thatcher-Reagan years."--BOOK JACKET.
First Sentence
This book examines the intellectual revolution that separates the last quarter of the twentieth century from the preceding four decades.
Subjects
Other Editions
- The Eclipse of Keynesianism: The Political Economy of the Chicago Counter-Revolution
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